Weekly Highlights

• Increased trading frictions as measured by spreads and post-trade quote stability that began to affect large-cap stocks with the start of earnings season, have now spread to the overall market as it continues to digest more earnings and the 1/31 FOMC statement. Not surprisingly, actively traded ETFs reached their highest market share of the year last week, and IntelligentCross responded with its best week ever for average daily matched shares in ETFs in general.

• Last week, IntelligentCross received over 11 million orders per day for round-lot size and larger in ETFs that were displayed in ASPEN on our free market data feed, IQX, providing our subscribers with valuable opportunities to execute with higher post-trade stability and lower markouts, as activity in these names picked up.

• The execution performance available on IntelligentCross, especially when trading frictions increase, drove us to a new record for market share of total consolidated notional volume at 217 bps on 1/30 and saw January end as our best month ever for average daily matched volumes in total, and also for those involving IOC order types. This highlights the platform’s strength in merging quality outcomes with the need to trade.

• If you haven't yet leveraged our platform to boost your trading outcomes, we urge you to connect with us. Our displayed ASPEN quotes are available through our market data feed, IQX, which can be accessed directly or via providers such as Exegy, MayStreet, Redline, and ACTIV.